A bill to amend Part III of Subchapter B of Chapter 1 of the Internal Revenue Code.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow an exclusion from income of interest on an advance-refunding issue of an industrial development bond, provided such issue is secured by a pledge of substantial revenues of the issuer derived from at least 20 separate facilities operated or leased by the issuer, and that such pledge is on a parity of lien with other issues. Requires the issuer to be an established political subdivision created for the express purpose of, and primarily engaged in, promoting economic development. Prohibits the issuer from passing through any debt-service savings to a non-exempt person.…